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https://www.newsweek.com/europe-agrees-give-russias-billions-ukraine-1902951
Europe Agrees to Give Russia's Billions to Ukraine
The European Union on Tuesday approved a plan to hand Ukraine the profits generated by frozen Russian central bank assets.
Czech Foreign Minister Jan Lipavsky said the move will hand Ukraine up to €3 billion (about $3.3 billion) this year.
"We have approved in the EU using revenues from Russia's central bank's frozen assets to help Ukraine," wrote Lipavsky on X, formerly Twitter. "Up to €3B only this year, 90% goes for Ukraine's military. Russia must pay for its war damages."
European Union member states and other Group of Seven countries (G7) had long debated about how $300 billion in Russian central bank assets stashed in Western nations should be used to help Ukraine fund its war effort against Russia.
The financial assets were frozen shortly after Russia launched a full-scale invasion of Ukraine in February 2022.
Reuters reported this month that the EU has estimated that by 2027, windfall profits from Russia's central bank assets frozen in the world's largest trading bloc could reach €20 billion (about $21.7 billion). The frozen assets have been gaining a huge amount of interest because they are stuck.
Europe Agrees to Give Russia's Billions to Ukraine
The European Union on Tuesday approved a plan to hand Ukraine the profits generated by frozen Russian central bank assets.
Czech Foreign Minister Jan Lipavsky said the move will hand Ukraine up to €3 billion (about $3.3 billion) this year.
"We have approved in the EU using revenues from Russia's central bank's frozen assets to help Ukraine," wrote Lipavsky on X, formerly Twitter. "Up to €3B only this year, 90% goes for Ukraine's military. Russia must pay for its war damages."
European Union member states and other Group of Seven countries (G7) had long debated about how $300 billion in Russian central bank assets stashed in Western nations should be used to help Ukraine fund its war effort against Russia.
The financial assets were frozen shortly after Russia launched a full-scale invasion of Ukraine in February 2022.
Reuters reported this month that the EU has estimated that by 2027, windfall profits from Russia's central bank assets frozen in the world's largest trading bloc could reach €20 billion (about $21.7 billion). The frozen assets have been gaining a huge amount of interest because they are stuck.
